Tron [TRX/USD] Technical Analysis: Justin Sun led cryptocurrency continues to wither away in the bear market

The bear market has been something of a consistent phenomenon with most of the cryptocurrencies on the charts undergoing a serious bull drought. Bitcoin [BTC], which started the market crash roughly two weeks back, has resulted in several coins like Tron [TRX] plummeting in value.

1 hour:

Tron’s one hour chart shows a significant drop in value, with one point seeing the price drop from $0.0189 to $0.01375. The cryptocurrency’s support has been holding at $0.01332 while the immediate resistance is at $0.01942.

The Bollinger bands have settled to move parallelly, indicating a sideways shift in prices.

The Awesome Oscillator points to the market momentum dropping considerably, owing to the stagnant price movement.

The Relative Strength Index has shown similarities with other cryptocurrencies on the charts, dropping towards the oversold region. This shows that the selling pressure is more than the buying pressure.

1 day:

The daily charts show the gradual sideways movement in Tron price movement after undergoing multiple drops. The first major drop saw Tron fall from $0.039 to $0.0248. The second downtrend brought the prices down even further, with the value plummeting to $0.0132.

The Chaikin Money Flow [CMF] indicator has just fallen below the zero line, a reflection of the bear market. The fall also signifies the outflow of money overtaking the inflow.

The MACD line and the signal line have both started moving in tandem towards the bear zone. The MACD histogram has also been predominantly bearish.

The Parabolic SAR has been holding consistently above the price candles, a clear indication of the bearish market.

Conclusion:

The Justin Sun led company has made progress on the developmental front but has not managed to escape the bear’s wrath. The indicators all point to the current market atmosphere continuing with no major trend change in sight.

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